U-turn on banks

And yet, on 28 March, 2008, he told the City of London that “a significant part of Labour’s economic failure has been… too much tax and too much regulation”.

Nor was this an off-the-cuff remark because, a month later, on 30 April, 2008, he told the Institute of Directors: “I want to give you lower taxes and less regulation.”

Changing his mind is becoming the norm for David Cameron. As recently as 29 April this year, he told the BBC’s Andrew Marr: “I don’t believe there is any better process than an inquiry led by a judge where people give evidence under oath.”

He has changed his mind yet again and, instead of an independent judge-led inquiry into the banking scandals, he is going to set up an inquiry by MPs and peers.

He has gone for speed rather than quality, but the runaround Bob Diamond gave the Treasury select committee on Wednesday does not augur well for an effective outcome.

Henry L Philip

Grange Loan

Edinburgh I

In the past week or so, there seems to have been an endless list of regulatory and governing bodies holding up their hands and admitting to failure.

I’m sure they are very good at drawing up protocols, ticking boxes and collecting data, but if they fail to achieve what they were set up to achieve and don’t look after the welfare of those they were meant to protect, there is something very far wrong with the system.

The public does not want yet more drawn out and expensive inquiries into these failed organisations. They simply need to refocus on the primary purpose of their being. The paying public expect and should demand it.

Malcolm Ross

Smailholm

Kelso